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They are victims of a "foreign-finance fetish", argue Dani Rodrik of Princeton and Arvind Subramanian of the Peterson Institute for International Economics .3
In the crises of 1994, 1998 and 2001 Latin America went on a binge, using foreign finance to pay for a huge rise in imports.
According to historian Richard Alan White, all this added up to the "first autonomous revolution in the Americas": Francia launched a successful program of economic development without any foreign financing.
Last year, Egypt enacted a law requiring all nongovernmental organizations to register, report any foreign financing and submit the names of their trustees to the government for approval.
Reserves are not only a prudent safeguard against a "sudden stop" in foreign finance.
Their actions have caused a drought of foreign financing, a shock to an economy that had ample access to international borrowing markets during the last decade.
Upstairs, well-suited Nigerians and foreign finance executives sit in a cushy waiting room where a television beams the latest global economic news.
Its dependence on foreign finance is on a par with Greece's.
In Asia this week, Treasury Secretary Timothy F. Geithner reiterated his support for a strong dollar in the face of criticism from foreign finance ministers.
Mnuchin would become a key player in world economics, meeting frequently with foreign finance ministers, and in overseeing the U.S. tax and financial system.
Foreign finance houses and insurers have been racing in getting a bigger share in China's insurance market.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com